Industry News

Singapore’s Senior Minister of State for Defence, Zaqy Mohamad, announced a series of initiatives aimed at recognising the sacrifices of national servicemen during a speech at SAFRA Toa Payoh on 29 June 2025. These initiatives coincide with Singapore’s 60th independence anniversary, highlighting the critical role national servicemen play in maintaining the nation’s defence and security.

The initiatives include educational programmes in preschools, where over 35,000 children are learning about the contributions of national servicemen and creating appreciation gifts. Supported by the Association of Early Childhood and Training Services, these activities aim to instil a sense of gratitude from a young age.

Additionally, 145 students from 22 schools participated in the Appreciating NSmen Video Competition, with some producing short films as part of their final year projects. These films will be shared on social media and screened in public spaces to further express appreciation for national servicemen.

The ‘We Support NS’ campaign, launched in 2019, continues to offer over 240 special deals to national servicemen and SAFRA members, supported by more than 180 merchants. These deals cover a range of products and services, providing cost-savings on daily necessities and leisure activities.

A new SAFRA clubhouse in Bayshore, set to be completed by 2030, will replace the existing Tampines clubhouse. This new facility will be SAFRA’s largest, offering modern amenities and convenient access via public transport. The development aims to enhance the community experience for national servicemen and their families.

These initiatives underscore the importance of appreciating national servicemen’s contributions and fostering a culture of gratitude within the community.
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Project Sama Sama @ North West has been officially launched by North West Community Development Council (CDC) to provide essential support to up to 8,000 less-privileged households. The initiative, announced by Prime Minister and Minister for Finance Lawrence Wong on 29 June at Limbang Division, aims to alleviate the rising cost of living by offering monthly credits for essential items through vending machines.

The project, a collaboration between North West CDC, SPH Media, and Auresys, offers eligible households $20 in monthly credits. These credits can be used to access necessities such as fresh bread, snacks, beverages, hygiene products, and medical supplies via vending machines. Residents can enrol using a unique QR code, with assistance available for those less familiar with digital processes.

Mayor of North West District, Alex Yam, highlighted the project’s success in creating a supportive community network. “By leveraging digital solutions and self-service vending machines, the CDC creates a more efficient way to support our residents,” he said. The initiative is set to expand across the North West district to reach more vulnerable families.

The project is supported by sponsors including Singapore Pools, Gardenia, and the Order of Malta. Singapore Pools CEO Lam Chee Weng expressed pride in their involvement, stating, “Through this meaningful initiative, we hope to support households to better navigate the challenges of rising living costs.”

Project Sama Sama @ North West exemplifies a community-driven approach to addressing economic challenges, with plans for further expansion to sustain support for families in need.
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Food Empire Holdings Ltd (FEH) is poised for further growth in the second half of 2025, with its share price already appreciating by 80% year-to-date as of 18 June. Investment house CGS International anticipates a potential earnings surprise when it reports its first-half results in August, driven by strong revenue performance and a sharper focus on profit margins. The company’s new freeze-dried coffee powder production facility in Vietnam, set to commence operations in 2028, is expected to further boost earnings.

CGS International’s revenue forecasts for 2025 to 2027 have been increased by 3.7% to 7.2%, with core net profit projections rising by 11.4% to 12.8%. The company plans to invest $80m (£64m) in a new Vietnam facility, which will have a planned capacity of 5,500 tonnes per annum, 25% higher than its current plant in India. This expansion could generate $40m (£32m) to $60m (£48m) in annual revenue over 2028 to 2030.

The company is also expanding its snack manufacturing facility in Malaysia and constructing a new 3-in-1 coffee-mix manufacturing facility in Kazakhstan, expected to be completed by the end of 2025. These initiatives are part of FEH’s strategy to maintain its growth momentum and strengthen its market position.

FEH’s management remains optimistic about achieving a net profit margin of around 10%, aligning with its historical average. The company’s focus on brand building and market expansion, particularly in Vietnam, is expected to drive future growth. Key risks include geopolitical tensions and currency fluctuations, particularly in its key market, Russia.
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Hotel101 Global Holdings Corp., an asset-light, prop-tech hospitality platform, has announced its approval to list on the Nasdaq Stock Exchange under the ticker symbol “HBNB”. Trading is set to begin on 1 July 2025, following the completion of its business combination with JVSPAC Acquisition Corp., approved by JVSPAC shareholders on 24 June 2025. This marks a historic achievement as Hotel101 becomes the first Filipino-owned company to be listed on Nasdaq.

With a deemed equity value of $2.3 billion, Hotel101 celebrated this milestone by ringing the Opening Bell at Nasdaq. The company, a subsidiary of DoubleDragon Corporation, aims to disrupt the hospitality industry with its unique “one room” hotel chain model. CEO Hannah Yulo-Luccini expressed excitement over this development, stating, “Our asset-light, technology-driven platform positions us to scale rapidly, with a goal to disrupt the hospitality industry globally with 1 million rooms across 100 countries.”

Hotel101’s expansion plans are ambitious, with projects underway in Madrid, Japan, and the US. The company has also signed a 10-year agreement with MATCH Hospitality AG for the F1 Spanish Grand Prix. Additionally, a joint venture with Saudi Arabia’s Horizon Group aims to develop up to 10 hotels in the Kingdom, highlighting the company’s confidence in the region’s tourism growth.

Hotel101’s business model focuses on standardised hotel units, offering efficiency and predictability. Its proprietary app, with over 1 million users, facilitates reservations and guest services, enhancing customer experience. The company generates revenue through pre-selling hotel units and long-term operations, aiming to redefine the global hospitality landscape.
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The Singapore Department of Statistics has reported a decline in several key price indices for May 2025.

The Import Price Index fell by 1.7%, whilst the Export Price Index decreased by 1.9%. Additionally, the Singapore Manufactured Products and Domestic Supply Price Indices saw reductions of 2.8% and 3.5%, respectively, compared to April 2025.

When excluding oil, the Export, Singapore Manufactured Products, and Domestic Supply Price Indices fell by 1.7%, 2.6%, and 2.3%, respectively, with the Import Price Index remaining unchanged.

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Caseware, a global leader in cloud-enabled audit solutions, has unveiled Cloud Audit, a new platform designed specifically for Singapore’s audit professionals. This innovative tool aims to accelerate audit transformation by aligning with the Institute of Singapore Chartered Accountants (ISCA) methodology, ensuring firms meet local regulatory and professional standards. Sarah Butler, head of solutions APAC at Caseware, stated that the platform is tailored to the needs of Singapore’s practitioners, offering a modern, collaborative, and secure audit solution.

Already gaining traction in Australia, Cloud Audit has been praised for its ability to improve efficiency and compliance. Accru Felsers, an Australian accounting firm, reported enhanced team collaboration and faster turnaround times. Jean Zhang, audit and assurance partner, noted, “With Cloud Audit, we update one template—and every new file reflects that—saving us weeks of work.”

The platform’s features include real-time collaboration, automatic updates, built-in analytics, and enterprise-grade security. It also supports remote work and enhances productivity through automation. Didarul Khan, director at Auditeo, highlighted the platform’s risk assessment feature, which allows for the identification of key risks and the design of targeted responses.

Caseware’s Artificial Intelligence Digital Assistant (AiDA) further enhances the platform by providing AI-powered tools that offer real-time guidance and summarise complex documents quickly. This integration aims to drive better decision-making and improve audit workflows.

Caseware will showcase Cloud Audit at the ISCA Tech Fair 2025 on 11 July, where attendees can engage with the team and explore the platform’s capabilities in enhancing audit efficiency and compliance.
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DFI Retail Group is poised for a significant earnings recovery, according to a recent update by RHB. The company, which is backed by Jardine Matheson Holdings, is expected to see its net profit rebound this year, maintaining a “BUY” recommendation with a new target price of $3.09. This represents a 13% upside, alongside a forecasted 4% yield for the financial year 2025. The stock is currently trading at an attractive 15 times its projected earnings for FY25.

The anticipated recovery in earnings is attributed to the company’s strategic positioning and the supportive dividend policy of its parent company, Jardine Matheson Holdings. This policy uplifts dividends back to the group level, enhancing the overall yield for investors. Analyst Alfie Yeo from RHB highlighted the company’s attractive valuation and positive outlook in the latest report.

The update comes as part of RHB’s broader market analysis, which also includes insights into other sectors such as data centres and sustainable plantations. The report underscores the potential for DFI Retail Group to continue its upward trajectory, driven by its robust business model and strategic initiatives.

Looking ahead, the company’s performance is expected to benefit from ongoing market dynamics and strategic investments, positioning it well for future growth. Investors are advised to keep a close watch on DFI Retail Group as it navigates its recovery path.
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Swift has unveiled the host cities for its flagship Sibos event through to 2029, with an expansion aimed at enhancing financial inclusivity in emerging economies across Asia, the Middle East, Africa, and Latin America. Following Frankfurt in 2025, Miami in 2026, and Singapore in 2027, Paris will host Sibos for the first time in 2028, coinciding with the conference’s 50th anniversary. Dubai will take the reins in 2029, marking the start of a new rotation that will see the event held in developing regions every four years.

Paris, a major European financial hub employing approximately 340,000 in the sector, will be a significant milestone for Sibos. Dubai, known as the Gateway to Africa, is strategically positioned to bridge Europe, Asia, and Africa, and is home to the Dubai International Financial Centre, a key player in the Gulf Co-operation Council’s fintech industry.

The decision to rotate Sibos to growing economies reflects Swift’s commitment to global financial inclusivity. Rosemary Stone, Chief Corporate Officer at Swift, stated, “Swift is a convener of and for the global financial industry… the addition of even more perspectives to the event’s debates and discussions will be increasingly valuable.”

Sibos, first held in 1978, gathers over 10,000 delegates from the financial services sector to discuss payments, securities, and trade. The event’s expansion comes as Swift reports record usage of its infrastructure, highlighting its growing importance to financial institutions worldwide.
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Aztech Global, a Singapore-based electronics manufacturer, is set to book a gain of S$42m from the sale of its factory and land in Malaysia. Despite this financial boost, the company is grappling with a weakening order momentum, as new customer wins fail to compensate for the decline in orders from key clients, said DBS Group Research. This has led to a significant reduction in revenue and earnings projections for the financial years 2025 and 2026, with estimates cut by approximately 50%.

The company’s outlook remains challenging, prompting analysts to maintain a “fully valued” rating with a lower target price of SGD0.38. The strategic sale of the Malaysian assets provides a temporary financial uplift, but it does not address the underlying issues of declining demand from major customers.

Aztech Global’s struggle highlights the broader challenges faced by manufacturers in the region, where dependency on a few key clients can lead to volatility in financial performance. The company’s efforts to diversify its customer base have not yet yielded sufficient results to offset the downturn from its primary clients.

Looking ahead, Aztech Global will need to focus on strengthening its customer portfolio and exploring new market opportunities to stabilise its financial outlook. The company’s ability to adapt to changing market conditions will be crucial in determining its future success.
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The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for the Dunearn Road site, marking the first private residential plot in the new Bukit Timah Turf City housing precinct. The site, which could accommodate 380 new private homes, attracted nine bids, making it one of the most competitive GLS tenders for a non-Executive Condominium (EC) site since September 2021.

The top bid of $491m was jointly submitted by CSC Land Group, Sekisui House, and Frasers Property, translating to a land rate of $1,410 per square foot per plot ratio (psf ppr). This bid was 3.7% higher than the second-highest offer of $1,360 psf ppr from City Developments. Wong Siew Ying, Head of Research and Content at PropNex, noted that the narrow gap between the top two bids indicates developer confidence in the site, despite the anticipated increase in housing supply in the area.

The interest in the Dunearn Road plot is attributed to its status as the inaugural site in the emerging Bukit Timah Turf City, which is set to become a self-sustaining housing estate with the future Turf City MRT station on the Cross Island Line. The Draft Master Plan 2025 outlines plans for 15,000 to 20,000 housing units in the area, along with amenities such as schools, healthcare facilities, and recreational spaces.

The Dunearn Road site is particularly appealing due to its proximity to the Sixth Avenue MRT station and several prestigious schools. The location is also near Good Class Bungalow areas, enhancing its residential appeal. With an estimated 380 units, the project size is considered manageable, and future commercial offerings are expected as the Bukit Timah Turf City develops. The last nearby GLS site, Fourth Avenue, was awarded in 2017 and has since sold out, indicating strong demand in the area. The projected average selling price for the Dunearn Road site is expected to exceed $2,900 psf.
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